Final answer:
Retailers selling expensive heterogeneous shopping products typically need Effective Visual Merchandising to differentiate themselves in markets characterized by monopolistic competition. This strategy aids in attracting customers by influencing their emotions and demonstrating the added value of their products. Product differentiation and strong presentation strategies are essential for success in such markets.
Step-by-step explanation:
Retailers of expensive heterogeneous shopping products usually have a strong need for: Effective Visual Merchandising. This includes creating storefront displays that can influence shopper's emotions and portray the image that a product will add value to the customer's life, extending beyond the product's basic utility. In a market characterized by monopolistic competition, such as retail markets with a variety of clothing stores offering different styles and brands, differentiating oneself through visual merchandising is critical.
Customers have a significant choice in what they purchase due to the wide variety of goods and services provided by competing firms. Thus, creating an effective visual merchandising strategy can be a key factor in attracting customers and enhancing their shopping experience, making it an essential tactic for retailers of unique and high-end products.
Product differentiation is a cornerstone of monopolistic competition, and retailers often seek ways to attract customers through various means like friendly service, quality assurance, and indeed an aesthetically pleasing visual presentation of their goods. This differentiates them in a competitive market where product variety and innovation are appreciated by consumers.